President Bola Tinubu has given the green light for the establishment of two crucial economic bodies, namely the Presidential Economic Coordination Council (PECC) and the Economic Management Team Emergency Taskforce (EET), to tackle the prevailing economic challenges in the nation.

According to a statement released by presidential spokesperson Ajuri Ngelale, the creation of these groups signifies a strategic initiative to fortify Nigeria's economic governance mechanisms and ensure robust, integrated economic planning and execution.

Heading the PECC will be President Bola Tinubu himself, along with Vice President Kashim Shettima. Other notable members include the President of the Nigerian Senate, the Chairman of the Nigeria Governors' Forum, the Coordinating Minister for the Economy and Finance, the Governor of the Central Bank of Nigeria, and various key ministers. Additionally, select members from the organized private sector, including Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, and Mr. Begun Ajayi-Kadir, will join for a stipulated period, not exceeding one year, as directed by the president.

The Economic Management Team Emergency Taskforce (EET), entrusted with formulating and executing an all-encompassing emergency economic strategy, will be spearheaded by the Coordinating Minister for the Economy and Minister of Finance. Its membership comprises the Governor of the Central Bank, the National Security Adviser, the Chairman of the Nigeria Governors' Forum, as well as several state governors and heads of key agencies and organizations in the economic sector.

Dr. Bismarck Rewane and Dr. Suleyman Ndanusa, both eminent economists, are among the members enlisted. The primary objective of the EET is to develop and present a comprehensive economic intervention plan for the year 2024 to the PECC, encompassing the ensuing six months, for immediate enactment within a fortnight of its establishment.

Furthermore, the Economic Management Team, which was inaugurated in October 2023 and is chaired by the Coordinating Minister for the Economy and Minister of Finance, will function as the operational arm under the Presidential Economic Coordination Council (PECC). It will play a pivotal role in the newly established economic governance structure, as confirmed by Ngelale.

He also emphasized that the Chairperson of the EMT may summon any Federal Minister or Agency Head, as necessary, to provide insights into key programs and developments affecting the economy. Ngelale underscored the importance of these measures in enhancing Nigeria's economic management apparatus and ensuring tangible progress in economic endeavors.

Over the next six months, the EET will concentrate on the swift implementation, monitoring, and evaluation of crucial initiatives, aligning with the overarching economic objectives of the Tinubu-led administration. These efforts are intended to complement existing economic governance structures, such as the National Economic Council (NEC), chaired by the Vice President, thereby fostering a coordinated approach towards advancing Nigeria's economic aspirations.

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